Wednesday, August 19, 2009

2183 Ryder Avenue, "AS IS" - $192,500There is nothing remotely attractive about this place (boarded up windows included!). The only reason it is appearing before you today is that it is a real estate freak show of price chops.

On August 16th the price for this pile o'crap was $372,000. Today it stands at $192,500.

That's a $179,500 (or 48%) reduction. I've never quite seen things get chopped this drastically. Admittedly, the new price is much closer to the home's value, but it's interesting that someone tried to ask for $372K for over 7 months. Real estate hysteria is slow to wane.

I kind of feel sorry for the poor sap that bought it for $394,996 in 2005.FULL LISTING